Tuesday was a day of firsts: a milestone glimpse of the glowing Duke and Duchess of Cambridge with their first-born, who in turn offered his inaugural regal wave on his way to his first ride in the family Range Rover. The only first missing, actually, was the baby's first name.

Despite the fact that the royal baby is just one day old – and that it may be days or even weeks before his name is officially announced – the third in line to the British throne is already the subject of heated speculation over what his name should be. British bookmakers are reporting a huge surge in royalty related bets, CNN reports, taking in over $1.8-million from people around the world who are wagering on everything from the royal baby's name to his future career.

Ladbrokes took 50,000 bets in the hours after the Duchess of Cambridge went into labour Monday morning. Company spokesman Alex Donohue said the public rushed to put small amounts of money, such as a pound, on the royal infant's name because they "want to be involved."

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As with most things involving the royals, choosing a name will likely have more to do with history and tradition than personal preference. Here are some considerations the Duke and Duchess of Cambridge will likely have to take into account when deciding on a name for their newborn:

With reports from The Associated Press